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An Australian court handed down the penalty after finding the insurer engaged in 'misleading and deceptive conduct.'
Chubb's $23B takeover offer for The Hartford has prompted Germany's Allianz SE to study the feasibility of a counteroffer.
The move will knock Allianz out of the top 10 life insurers in Spain.
Insurance rating agency A.M. Best Co. says it has placed Firemans Fund Insurance Cos. under review with negative implications following the downgrade of the issuer credit ratings of parent company Allianz SE.
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